The Entrée/Oyu Tolgoi joint venture property includes Lift 1 and Lift 2 of the Hugo North Extension copper-gold deposit, the Heruga copper-gold-molybdenum deposit, and a large underexplored, highly prospective land package. Rio Tinto is managing the ramp-up of the Hugo North (including Hugo North Extension) Lift 1 underground mine on both the Oyu Tolgoi mining licence and the Entrée/Oyu Tolgoi joint venture property. In March 2023, Rio Tinto announced the commencement of underground production from Lift 1 Panel 0 on the Oyu Tolgoi mining licence (100% Oyu Tolgoi LLC) (See Rio Tinto’s news release dated March 13, 2023 titled “Underground production celebrated at Oyu Tolgoi” available on its website at www.riotinto.com). The Hugo North Extension deposit on the Entrée/Oyu Tolgoi joint venture property comprises the northern portion of Panel 1. First development work on Hugo North Extension Lift 1 commenced in October 2024. First production from the Panel 1 undercut (on the Oyu Tolgoi mining licence) is currently expected in ~2027.